Net income in the three months ended December dropped to
S$50.1 million ($39 million), compared with S$142.5 million a
year earlier, the carrier said in a statement today. Sales was
little changed at S$3.87 billion.

Singapore Air’s settlement of a cargo class-action suit in
the U.S. prompted a charge of about S$80 million in the quarter,
in addition to losses from associated companies such as budget
airline Tiger Airways Holdings Ltd. That dented gains from
carrying more passengers, a demand-growth that has prompted
Chief Executive Officer Goh Choon Phong to order $17 billion of
new, fuel-efficient aircraft from Airbus Group NV and Boeing Co. (BA)

“The outlook for the air transportation industry continues
to be challenging,” the carrier said in the statement.